The authorities of the British Virgin Islands approved the law on exceptional circumstances for the financial sector. According to this document, organizations operating in the financial sector have the right to transfer their business abroad and provide services to the population on a remote basis. Similar standards had already been introduced after the Irma hurricane emergency but were subsequently canceled. The new law will remain in force after the crisis caused by the COVID-19 pandemic.

Due to the series of crises that befell the British Virgin Islands in a short time, the need arose to create permanent legislation to maintain the viability of the financial system. The new law regulates the activities of companies abroad, obtaining licenses, functions of state regulation and supervision, etc.

According to the document, any financial company can fully or partially transfer operations to other jurisdictions. Organizations have the right to relocate employees. However, legally, it will remain in the jurisdiction of the BVI. If the company has taken such measures, it is obliged to inform about its new location, the reason for relocation, estimated dates of return and the fate of employees (moved or remained in BVI) within 30 days.

Law&Trust offers services to companies registered in the British Virgin Islands and other jurisdictions around the world. Our experts will help you take advantage of the changes and tax reliefs approved in the states to counter crises.